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  • Omega Financial Mortgage

How to Get and Keep Your Pre-Approval

When purchasing a home, getting a mortgage pre-approval is a good idea. There are benefits to being pre-approved, but a pre-approval does have certain conditions—and your status could change.

What Are the Conditions For a Pre-Approval? A pre-approval does have some caveats attached to it:

  1. Interest rate changes: A pre-approval is done based on current interest rates. When rates increase, your borrowing power may decrease.

  2. Property passes valuation and inspection: Your lender will require the property you ultimately purchase to come in with a proper appraisal and meet all inspection requirements.

  3. Credit check requirements: Regardless of whether it’s been a week or six months since you were pre-approved, your lender will require a new credit report.

  4. Changes in jobs/assets: After a pre-approval is received, a change in your employment status or any substantial assets may result in your pre-approval being voided.

What Items Can Change a Pre-Approval Status? One of the major issues that affect some borrowers as they are preparing to purchase their new home is financing large ticket items before the home purchase loan is completely funded. Even if you are buying new furniture or other items for the home, it’s best to wait until after your home loan is entirely complete before purchasing any of these new items. Work changes can also drastically affect your pre-approval status.

Make sure your loan professional is well aware of any changes well in advance of them happening in order to plan effectively. There are ways to work with job changes, but it is a delicate matter during the mortgage underwriting process.

In the end, you'll need to keep in mind there are always things that may have a negative impact on actually getting the loan. It is important to keep in contact with the lender, especially if interest rates increase or your employment status changes.


For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

Licensed by the Commissioner of Banks - License No. MB2671

All content copyright Left Field Media. Not for reproduction, republishing or reposting.

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